Mike Belshe, CEO of cryptocurrency company BitGo, said that applications for the spot Bitcoin ETF may be rejected completely.
Speaking to Bloomberg, Mike Belshe said that despite industry-wide optimism, the US Securities and Exchange Commission (SEC) spot exchange traded fund applications his refusal “quite likely” said that.
According to Belshe, the SEC between exchanges and institutions providing custody services may take a rejection decision because there is no distinction. So far, a few of the institutions that have applied for the ETF have chosen to work with Coinbase as their custodian.
“There are a lot of risks that are not understood with that Coinbase startup,” Belshe said. I think the SEC will come in and say, ‘No, you need to separate these things so we can move the process forward fully.’ It is quite possible that he will say. said.
BitGo received an additional investment of $100 million within the scope of the Series C investment round in August. $1.75 billion achieved valuation.
SEC, in the past market manipulation, investors not being safe enough He rejected many Bitcoin ETF applications for reasons such as. Nowadays, ETF analysts believe that these applications 90% chance of acceptance he thinks.